Tex.
Educ. Code Section 1001.207
Bond Requirements: Driver Education Provider
(a)
Before a driver education provider may be issued a license, the provider must file a corporate surety bond with the department in the amount of:(1)
$10,000; and(2)
for an in-person driver education provider, $5,000 for each branch location of the provider.(b)
A bond issued under Subsection (a) must be:(1)
issued in a form approved by the department;(2)
issued by a company authorized to do business in this state;(3)
payable to the department to be used only for payment of a refund due to a student or potential student;(4)
conditioned on the compliance of the provider and its officers, agents, and employees with this chapter and rules adopted under this chapter; and(5)
issued for a period corresponding to the term of the license.(c)
Posting of a bond in the amount required under Subsection (a) satisfies the requirements for financial stability for driver education providers under this chapter.(d)
A driver education provider who files a bond under Subsection (a)(1) or provides an alternate form of security under Section 1001.210 (Alternate Form of Security) to obtain one type of driver education provider license may not be required to file an additional bond under Subsection (a)(1) or provide an alternate form of security under Section 1001.210 (Alternate Form of Security) for any other type of driver education provider license.
Source:
Section 1001.207 — Bond Requirements: Driver Education Provider, https://statutes.capitol.texas.gov/Docs/ED/htm/ED.1001.htm#1001.207 (accessed Jun. 5, 2024).
